The halving of oil prices over the past six months has caught pretty much every economist by surprise and prompted a rush to explain the reasons behind this astounding drop and the consequences for the global economy .
Plunging oil prices have sparked a big rally in Asian government bond markets as lower fuel costs cut inflation expectations, but the rally could be built on shallow foundations as monetary policymakers remain out of step with tumbling bond yields.
World's largest oil exporter is forcing prices lower to win back market share but the high-risk strategy will test the house of Saud like never before
The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran
EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about $700 billion in revenue from net oil exports in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.
The IEA Oil Market Report for December cut the outlook for 2015 global oil demand growth by 230 000 barrels per day (230 kb/d) to 0.9 million barrels per day (mb/d) on lower expectations for the Former Soviet Union and other oil‐exporting countries.
The fallout from Russia's decision to abandon its ambitious South Stream pipeline deal continued Dec. 3, as Italian energy services firm Saipem announced that it would lose almost $2 billion because of Moscow's move
According to a review of financial statements released in recent weeks and despite lower crude oil prices, companies drilling in North American tight oil formations recorded improved financial results in third-quarter 2014 as compared with third-quarter 2013
Over the past five years, rapid growth in U.S. onshore natural gas and oil production has led to increased volumes of natural gas plant liquids (NGPL) and liquefied refinery gases (LRG). The increasing economic importance of these volumes, as a result of their significant growth in production, has revealed the need for better data accuracy and transparency to improve the quality of historical data and projections for supply, demand, and prices of these liquids, co-products, and competing products. To reduce confusion in terminology and improve its presentation of data, EIA has worked with industry and federal and state governments to clarify gas liquid terminology and has developed the term Hydrocarbon Gas Liquids, or HGL.
Global energy demand is set to grow by 37% by 2040 in our central scenario, but the development path for a growing world population and economy is less energy-intensive than it used to be.
Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d)
World chokepoints for maritime transit of oil are a critical part of global energy security. About 63% of the world's oil production moves on maritime routes. The Strait of Hormuz and the Strait of Malacca are the world's most important strategic chokepoints by volume of oil transit.
According to Gazprom’s financial report, in 2013 exports to Europe accounted for 58% of its revenue. It is true that Gazprom has been losing market share in Europe, but it has been increasingly flexible and sales rebounded in 2013.
Liberalization of the Russia gas sector, which has remained the domain of state-controlled Gazprom that has enjoyed export and transit monopoly since the collapse of the USSR, has been discussed for at least a couple of years.
A Bad Gas Deal For Ukraine As Europe Looks After Its Own Interests